Rapid Fire: 2010-07-30

* Incredible Shrinking Budgets: Facing tightening defense budgets at home, European defense firms are looking to expand into service and support work and overseas markets. * Profits Take Off: Britain’s BAE Systems and France’s Thales both posted substantial profit increases in the first half of 2010 compared to the same period in 2009. * But Not for Everyone: Raytheon reported a steep 57% decline in second-quarter profit to $208 million from $489 million in last year’s second quarter, due mainly to the cancellation of a GBP750 million contract with the UK Border Agency. Raytheon release. * No We Didn’t: Rosoboronexport, the Russian state arms export agency, denies a report by the Russian business daily Vedomosti that it agreed to sell 2 S-300 PMU2 Favorit air defense battalions to Azerbaijan. * Train Wreck: An independent panel [PDF] warns that a US national security “train wreck in coming” because of aging equipment, inadequate training of US military personnel, and a declining US naval fleet. It’s headed by former Clinton Defense Secretary Perry and former Bush National Security Advisor Hadley, and was set up to review the Quadrennial Defense Review process. * C-17 wreck. Crash at Elmendorf in Alaska kills 4. * US […]